Lead Trading Post, Trading Tips, News Updates

Base metals have dropped sharply for the week except lead. Copper was a major loser and having dropped more than 2.5% from weekly high levels of Rs.449.15 may have significantly dented investor's confidence.

Technically, base metals look to be bearish from here: nickel, aluminium and zinc are looking weak on charts as they have failed to breach the crucial resistance levels.

For example, MCX copper was unable to go par Rs.450/kg levels and MCX Aluminium failed to stay above Rs 115/kg this week.

Lead is the only exception as higher industrial demand in local as well as international markets has been supporting prices.

Major support for lead December contract looks to be at Rs.125 and resistance is expected at Rs 128. Overall trend is looking positive for near term till prices do not come down below Rs.125. As of 12.48 PM IST, lead for December delivery was spotted trading at Rs.126.75 a kilogram, a marginal loss of 0.16%.

A series of data releases is expected for the evening amongst which US unemployment claims forecast to be at 358K compared to 343k for previous week may turn out to be slightly negative for base metals.

Meanwhile, LME lead prices have continued their robust trend higher into December; clearly the outperformer of the complex.  [Via]

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